Lucid Group (NASDAQ:LCID) Stock Falls 1.8% - What's Next?

Key Points

• Lucid shares fell 1.8% to $3.21, with trading volume below its average; the stock remains well below its 50-day and 200-day moving averages.
• Analyst sentiment is largely negative: MarketBeat reports an average rating of “Reduce” and an average price target of $8.67, while Morgan Stanley cut its target to $3 and maintained an underweight rating.
• Lucid’s latest quarter showed revenue growth of 56.2% to $405.35 million but a larger-than-expected loss, including EPS of negative $2.78 and deeply negative profit margins.

Shares of Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) dropped 1.8% during trading on Wednesday. The stock traded as low as $3.20 and last traded at $3.21. Approximately 10,637,666 shares traded hands during trading, a decline of 20% from the average daily volume of 13,324,244 shares. The stock had previously closed at $3.27.

Analysts Set New Price Targets

A number of brokerages recently commented on LCID. Cantor Fitzgerald reiterated a "neutral" rating on shares of Lucid Group in a research note on Monday, October 12th. Zacks Research upgraded shares of Lucid Group from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 18th. Morgan Stanley cut their price objective on shares of Lucid Group from $5.00 to $3.00 and set an "underweight" rating for the company in a research report on Thursday, October 15th. Weiss Ratings restated a "sell (e+)" rating on shares of Lucid Group in a report on Monday, September 21st. Finally, Citigroup decreased their target price on Lucid Group from $14.00 to $11.00 and set a "buy" rating on the stock in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating, nine have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Lucid Group has an average rating of "Reduce" and an average target price of $8.67.

Lucid Group Trading Down 1.8%

The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -0.23 and a beta of 1.00. The firm's 50 day simple moving average is $4.48 and its two-hundred day simple moving average is $5.79.

Lucid Group (NASDAQ:LCID - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported ($2.78) EPS for the quarter, missing the consensus estimate of ($2.36) by ($0.42). Lucid Group had a negative return on equity of 1,391.51% and a negative net margin of 249.21%. The business had revenue of $405.35 million for the quarter, compared to the consensus estimate of $381.59 million. During the same period in the prior year, the business posted ($0.24) earnings per share. The firm's revenue for the quarter was up 56.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Lucid Group, Inc. will post -12.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lucid Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vontobel Holding Ltd. lifted its position in shares of Lucid Group by 445.8% during the 3rd quarter. Vontobel Holding Ltd. now owns 96,674 shares of the company's stock valued at $393,000 after acquiring an additional 124,630 shares during the period. HBK Investments L P increased its position in shares of Lucid Group by 217.9% in the second quarter. HBK Investments L P now owns 33,070 shares of the company's stock worth $221,000 after purchasing an additional 22,667 shares during the period. Tidal Investments LLC increased its position in shares of Lucid Group by 34.6% in the second quarter. Tidal Investments LLC now owns 32,446 shares of the company's stock worth $217,000 after purchasing an additional 8,347 shares during the period. Engineers Gate Manager LP acquired a new position in Lucid Group in the second quarter valued at about $694,000. Finally, Integrated Wealth Concepts LLC acquired a new position in Lucid Group in the second quarter valued at about $129,000. 75.17% of the stock is owned by institutional investors and hedge funds.

Lucid Group Company Profile

Lucid Group, Inc is an electric vehicle and technology company headquartered in Newark, California. Through its Lucid Motors subsidiary, the company designs, engineers, and manufactures premium electric vehicles, with an emphasis on range, energy efficiency, performance, and advanced in-car technology.

Lucid's vehicle lineup includes the Lucid Air luxury electric sedan and the Lucid Gravity electric SUV. The company also develops electric powertrains, battery systems, software, and other technologies for its vehicles.

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